Air Products (NYSE: APD) director adds 733 phantom stock units

Rhea-AI Filing Summary

Air Products & Chemicals director Jessica Graziano reported an automatic award of phantom stock units linked to APD common shares. On 01/28/2026, she acquired 733.251 phantom stock units under the company’s Deferred Compensation Program for Directors, at a recorded derivative price of $259.12.

After this transaction, she beneficially owns 3,098.5677 phantom stock units on a direct basis. These units are payable in the form of an equal number of APD common shares at a time she previously elected, generally after her service on the board ends, and may be paid in a lump sum or up to ten installments.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Graziano Jessica

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	733.251	$259.12	$190K

Holdings After Transaction: Phantom Stock — 3,098.568 shares (Direct)

Footnotes (1)

1. Phantom deferred stock units (Units) acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, under the Company's Long-Term Incentive Plan. Not applicable to this security These Units are payable in the form of shares of common stock equal in number to the Units, at the time elected by the reporting person, which is generally after service on the Company's Board of Directors ends. Units may be paid in a lump sum or up to ten installments as elected by the reporting person in advance.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Graziano Jessica

(Last) (First) (Middle)

1940 AIR PRODUCTS BLVD.

(Street)

ALLENTOWN PA 18106-5500

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Air Products & Chemicals, Inc. [ APD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock(1)	$0.0000(2)	01/28/2026		A		733.251		(3)	(3)	Common Stock	733.251	$259.12	3,098.5677	D

Explanation of Responses:

1. Phantom deferred stock units (Units) acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, under the Company's Long-Term Incentive Plan.

2. Not applicable to this security

3. These Units are payable in the form of shares of common stock equal in number to the Units, at the time elected by the reporting person, which is generally after service on the Company's Board of Directors ends. Units may be paid in a lump sum or up to ten installments as elected by the reporting person in advance.

	Andrea I. Rennig as Attorney in Fact	01/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did APD director Jessica Graziano report?

Jessica Graziano reported acquiring 733.251 phantom stock units tied to Air Products & Chemicals (APD) common stock. The award was granted on 01/28/2026 under the company’s Deferred Compensation Program for Directors and increases her total phantom stock holdings to 3,098.5677 units.

How many APD phantom stock units does Jessica Graziano hold after this Form 4?

After the 01/28/2026 transaction, Jessica Graziano beneficially owns 3,098.5677 phantom stock units. These units were accumulated under Air Products’ Deferred Compensation Program for Directors and represent a right to receive an equal number of APD common shares in the future, subject to her prior elections.

What are the terms of the phantom stock units reported by APD director Jessica Graziano?

The phantom deferred stock units are payable in shares of APD common stock equal to the number of units. Payment occurs at a time elected by Jessica Graziano, generally after her board service ends, and can be made in a lump sum or up to ten installments under the plan.

Under which APD plan were Jessica Graziano’s phantom stock units granted?

The phantom stock units were acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors, operating under the company’s Long-Term Incentive Plan. This program allows directors to defer compensation into phantom units linked to APD common stock performance.

What price is associated with the APD phantom stock units in this Form 4?

The Form 4 lists a derivative security price of $259.12 for the phantom stock units. This figure is associated with the 733.251 units acquired on 01/28/2026 and reflects the value used for the phantom stock entry within the company’s deferred compensation framework.